HM Treasury News Release
87/97
24 July 1997
_______________________________________________________________
CHANCELLOR PUBLISHES BUSINESS GUIDE TO
SINGLE CURRENCY
"In or out, British businesses will be affected"
The single currency will have far-reaching effects
whether or not the United Kingdom joins and Chancellor Gordon
Brown today urged businesses in towns and cities across the
country to examine how, in or out, a single currency will
affect them.
Publishing a new Treasury guide - "EMU, Practical
Information for Business" - the Chancellor also announced he
was setting up an advisory group of private sector
representatives to provide a two-way exchange between
Government and business about the practical effects of
Economic and Monetary Union (EMU).
Urging local businesses to get informed by picking up a
free copy of the new guide from local outlets, Mr Brown said:
"Local businesses in towns and cities all over Britain
need to realise that the single currency is not something that
will affect only big business or high-flying London
financiers. Whether or not the United Kingdom joins, it will
affect us all. This new Treasury booklet is the first step in
telling local businesses how it will affect them.
"It describes what the single currency will mean for
financial systems and accounts, computer systems and cash-
handling procedures and warns businesses to think about the
effects of the single currency on their strategies for
pricing, marketing, relations with other firms and raising
finance.
"Many businesses, including small and medium-sized
companies and retailers, will need to think about these issues
so we are making free copies of the booklet easily available
over the summer to businesses locally through trade
associations, government offices and libraries. The booklet
is exactly the sort of thing that businesses have been asking
for and will be followed by detailed factsheets on specific
issues.
"I have also written to the heads of about twenty
organisations representing different sectors of the economy.
They will be asked to nominate an individual to join an
advisory group to discuss the practical implications of the
single currency.
"The group will allow the Government to provide
information to businesses more easily and for businesses to
tell the Government how they would like to see practical
issues handled. It will help the Government represent British
business interests more effectively in negotiations with other
countries about technical aspects of the single currency.
"The Government`s position on EMU has not changed. While
nothing has been ruled out, there are formidable obstacles to
the United Kingdom joining on 1 January 1999. Our aim is to
help British companies make the most of opportunities in
Europe. This means being ready for the single currency
whether or not we join. That is what the new guide, the
factsheets and the advisory group will be helping them do".
Notes to Editors
1. The new guide will be available free from:
- libraries;
- Business Links (England), Business Shops (Scotland),
Business Conect (Wales) and the Northern Ireland
Office;
- Training and Enterprise Councils (England and Wales)
and Local Enterprise Councils (Scotland);
- Trade Associations;
- HM Treasury Internet site;
- or by writing to EMU Initiative, PO Box 506, LONDON,
SE99 7UY.
The booklet contains an order form to receive further copies
and future information in the form of factsheets and updates.
2. The publication of the information booklet and
announcement of the detailed arrangements for the advisory
group follow an announcement by the Chancellor on 17 July that
he wanted to launch a national debate on EMU by publishing an
independent report written by David Currie on the pros and
cons of EMU.
Copies of the report on the pros and cons (but not the
information booklet) are available from HM Treasury Public
Enquiries Unit on 0171 270 4558.
3. If you have access to the Internet you can find this news
release at http://www.hm-treasury.gov.uk. Material on other
Treasury can also be found at this site.